Stock market turns on a dime, but vaccine boost could be premature

Conversely, the group of stocks deemed COVID resistant or even pandemic-enhanced were dumped. Thus it was a rare moment of joy for long suffering value investors whose investment philosophy has been sorely tested by the pandemic.

But there are at least 10 potential vaccines in advanced stages of feasibility so the market’s punt that at least one will yield an appropriate outcome is reasonable if not a bit premature. If we are only six months away from an effective COVID vaccine the enthusiasm is understandable but probably a little overdone.

At the other extreme of the ASX performance tables sit the growth stocks that largely sit within the technology space. Broadly, many of these new world companies facilitate virtual social and commercial interaction. In Australia these are dominated by online retailers, digital payment players and virtual gaming companies, software manufacturers, etc.While shares in these companies were trashed on Tuesday, their yearly performance has been staggering.

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